Experts tip bumper sales at the launch of Thomson Impressions condominium today, given that more than half of its 288 units are priced under $1.2 million.
Ms Avis Wong, associate marketing director of PropNex Realty, noted yesterday: "Anything under a million is a sweet spot. Above a million, it could be a psychological barrier for some."
She noted that since cooling measures such as the Total Debt Servicing Ratio (TDSR) came in to restrict lending, property has been less about price per square foot (psf) and more about affordability.
"In a quieter market, projects that are priced to sell tend to see great response regardless of location, such as High Park Residences where one-bedroom units were going for under $400,000," Ms Wong added.
The 99-year leasehold Thomson Impressions has an average price of $1,400 psf, which values the smallest one-bedder of 43 sq m at $670,000.
The 19-storey condo in Lorong Puntong, which is expected to be completed in late 2019, is near the upcoming Bright Hill MRT station and Ai Tong Primary School. It is also close to the Singapore Island Country Club.
The condo is being developed by NS Property (Thomson), a joint venture between China-based Nanshan Group and Vico Construction.
The estate will have 100 one-bedders priced between $670,000 and $780,000; 72 two-bedroom units of 68 to 71 sq m for between $980,000 and $1.15 million; and 106 three-bedders of 98 to 111 sq m. These are going from $1.35 million to $1.55 million. There are also five penthouses and five strata-landed homes priced from $2.75 million to $2.85 million.
Chestertons managing director Donald Han said the price, in addition to its location, is a lure for buyers. And with just 288 units, Thomson Impressions has an advantage over bigger mass market projects, he added. "It's a fairly small cluster of units so buyers won't have too many competitors if they are buying for investment. There is also less competition for tenants and resale.
"HDB upgraders are always looking for projects that are $1.2 million and below. The price of Thomson Impression mirrors the price of Thomson Three, which is also around $1,400 psf, and it sold fairly well with only eight units left."